Obtaining flood insurance should be at the top of your to-do list. For many people, this type of insurance plan can offer an important level of coverage to property owners. However, many people don't realize the need for it. They don't take into consideration the range of risks present. Ensure your property remains protected by investing in a flood insurance policy tailored to meet your specific needs. Don't believe the myths and make the same mistakes that are made by so many others.
Myth 1: Only Those in a Flood Plain Need Coverage
What many people don’t understand is that floods can happen anywhere, not just in flood pains. So, regardless of whether or not you live in a flood plain, having flood insurance can help to reduce your costs and minimize the risks of loss due to a flood. If you rent your home or live in a condo, it is also a good idea to have this policy to protect against flood loss.
Myth 2: Your Homeowners Insurance Covers Flooding
Don't make the assumption that home insurance will always provide you with flood coverage. What's more, standard policies and umbrella policies do not cover floods. This means the loss of your property, repair costs and cleanup isn't likely to be covered. Look into your existing home insurance policy to find out if restrictions are present, and don’t forget to purchase flood insurance for the extra protection.
Myth 3: Flood Insurance is Too Expensive
Flood insurance does not have to be above your budget. In fact, it may be one of the most affordable add-on policies and options you have, depending on where you live. The key is to realize that these plans can be readily available to you within your budget. Don't assume they are too expensive until you talk to your independent insurance agent about your options.
Myth 4: Flood Plains Don't Change
If you live in a high-risk flood plain, you should have flood insurance without question. However, don't assume that these plains don't change and evolve. FloodSmart.gov is one way of learning about flood areas. Another is to speak to your agent on a regular basis to ensure your continued protection.
Myth 5: This Policy Covers it All
It's a myth to believe that all policies cover all types of loss from floods. Most policies top out at $250,000, but you may be able to acquire more coverage if necessary. The key is to know what your coverage limits are so that you can avoid assumption mistakes.
Still have questions? Call Texas Insurance Agency at (713) 921-8000 for more information on Houston flood insurance.